Alice M. Rivlin was sworn in this morning as the fifth member of
the District of Columbia Financial Responsibility and Management
Assistance Authority. Ms. Rivlin will assume the role of Chair after
a transition period.

The President is very pleased that Ms. Rivlin has joined the board
and he is confident that her leadership, economic expertise and
commitment to the District of Columbia will be invaluable to the
board's work, building on the District's current fiscal success, and
creating the conditions that will allow power to be returned to its
elected officials.

Ms. Rivlin currently serves as the Vice Chair of the Federal
Reserve Board, and is a former director of the Office of Management and
Budget and the founding director of the Congressional Budget Office.
She has also been a Senior Fellow and Director of Economic Studies at
the Brookings Institution, and Assistant Secretary for Planning and
Evaluation at the Department of Health, Education and Welfare.

With Ms. Rivlin in place, the Control Board now has a full
complement of five members. Attorney Robert Watkins was sworn in, and
attended his first Board Meeting last week. In addition, three members
from the first-term board are remaining for a transition period:
Chairman Andrew Brimmer, and members Constance Newman and Stephen
Harlan. Ms. Rivlin will assume the role of Chair after Brimmer's
departure.